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Economy records real growth of 1.8 per cent in 2017

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NASSAU, The Bahamas — February 21, 2018 – The Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest said that present estimates indicate that the Bahamian economy recorded real growth on the order of 1.8 per cent in 2017. 

 “This renewed buoyancy stemmed primarily from construction activity associated with on-going foreign investment projects, as well as rebuilding work in the wake of the hurricanes,” DPM Turnquest said as he presented fiscal developments during the first half of the 2017/18 fiscal year in the House of Assembly, Wednesday, February 21, 2018.  

The DPM said he would present a more detailed and comprehensive mid-year fiscal update to Parliament during his Contribution to the Debate on the Mid-Year Statement and related resolution.

He explained that before this renewed buoyancy, during the four-year period between 2012 and 2016, the Bahamian economy actually shrank in real terms, from $10.7 billion to $10.2 billion.

DPM Turnquest also noted that while the rate of unemployment did rise marginally between May and November of last year, it still stood fully 1.5 percentage points lower than a year earlier.  All of the islands surveyed also posted lower rates of unemployment than had been experienced in November 2016.

The DPM also noted that all of the islands surveyed posted lower rates of unemployment than had been experienced in November 2016.

He said prospects for the economy in 2018 are for yet further strengthening of activity, with real growth estimated at 2.5 percent. 

“Conditions in the labour market are consequently also expected to improve. 

These developments will be underpinned by the completion of Baha Mar’s phased opening and by various foreign investment-related projects.” 

He said there is also expected that growth in both the tourism sector and the national economy will be favourably impacted by stronger projected growth in the U.S., The Bahamas’ major trading partner. 

“In its latest forecast, the International Monetary Fund has boosted its forecast for U.S. growth by 0.4 percentage points, to a level of 2.7 per cent.” 

He said the increase in investor and consumer confidence in the United States augers well for continued growth in tourist travel to, and investment interest in, the Islands of The Bahamas.

Press Release BIS, Llonella Gilbert

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Bahamas News

Digital coin created for Caribbean’s Dominica as island partners with Huobi

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By Shanieka Smith

Staff Writer

 

December 2, 2022 – The Commonwealth of Dominica has partnered with cryptocurrency exchange Huobi, to issue its own national cryptocurrencies, Dominica Coin (DMC), and Digital Identity Documents (DID), already reports indicate a surge for the Huobi token.

This new collaboration with Dominica will bring the Caribbean one step closer to being a global cryptocurrency exchange centre.  Huobi also announced its intention to move headquarters from Seychelles to the Caribbean.

It was explained, “The deal is noteworthy partly because of its connections to crypto billionaire Justin Sun, founder of the Tron blockchain where the Caribbean island’s new token will initially reside.”

Dominica Coin (DMC) and digital identity documents (DID) will be issued by Huobi Prime via the TRON network (a project dedicated to building the infrastructure for a truly decentralized Internet); both will serve as credentials for the future metaverse platform based in Dominica. DIDs can be used for cryptocurrency Know Your Customer verification, applying for loans, and opening bank accounts on the island.

The DMC is not yet ready for launch, but The HT token is up 15% over the last 24 hours to $7.12. It’s up 40% over the past seven days.

As one of the first Caribbean islands to adopt the citizenship-by-investment policy, the Dominican government is seeking to delve into the metaverse and Web3 technology as a means to boost the country’s development.

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Imminent Worldwide Measles Threat; 25 Million CHILDREN miss First Dose

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By Dana Malcolm

Staff Writer

 

December 2, 2022 – Forty million children are at risk of Measles as what the World Health Organization is describing as an “imminent threat” takes shape. A joint report between the WHO and the U.S. Centres for Disease Control revealed that a record number of children missed their measles dose with 25 million children missing their first dose and 14.7 million children missing their second dose in 2021 alone.

Nine million cases of measles were recorded last year, twenty-two countries experienced large and disruptive outbreaks and 128,000 deaths occurred, the report says.

“The paradox of the pandemic is that while vaccines against COVID-19 were developed in record time and deployed in the largest vaccination campaign in history, routine immunization programmes were badly disrupted, and millions of kids missed out on life-saving vaccinations against deadly diseases like measles,” said Dr. Tedros Ghebreyesus, WHO Director-General.

Measles is easily one of the most contagious viruses in the world and while many people think itchy spots when they think of the disease it can cause pneumonia, seizures and brain damage in about 30 percent of infected individuals.

Herd immunity will not work with this disease, say experts, unless 95 per cent of people or more are vaccinated; only 71 per cent of children in 2022 are fully vaccinated.

“Measles anywhere is a threat everywhere” the report said, emphasizing that no WHO region has achieved and sustained measles elimination.

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FTX founder Sam Bankman-Fried admitted he’d screwed up

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By Shanieka Smith

Staff Writer

 

December 2, 2022 – An interview with FTX founder Sam Bankman- Fried on Wednesday at the DealBook Summit revealed that there were no risk management teams or form of corporate control to help govern the organisation.

Bankman-Fried resigned from his position in November following a liquidity crisis that resulted in the loss of billions in customer funds.

The CEO said he was shocked by what had taken place.  While he had made loans to his hedge fund Alameda, Bank-Fried said he did not intentionally commingle the funds.

Bankman-Fried acknowledged that he had a responsibility to the company and all its customers but he “screwed up.” “There was no person who was chiefly in charge of positional risk of customers on FTX, and that feels pretty embarrassing in retrospect,” he shared.

The investigation is ongoing and it still needs to be clarified whether customers will be able to regain any funds.

Former Securities and Exchange Commission lawyer Howard Fischer said that Bankman-Fried’s comments are being scrutinised.  “Everything he says that turns out to be contradicted by admissible evidence will be taken as evidence of deceit.”

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